As the air quality deteriorates and the prevalence of various lung diseases increases in the Asia-Pacific (APAC) region, the attention of governments, regulatory authorities, policymakers, and citizens is finally shifting toward the elephant in the room, that is, the large-scale usage of fossil-fuel-powered vehicles for both personal commuting and transportation of goods. The harmful emissions released from these vehicles are one of the major causes of air pollution and the rapid environmental degradation.
To combat the situation and make the air in urban areas breathable again, governments of several APAC countries are implementing policies aimed at promoting the deployment of eco-friendly modes of transport, such as electric cars. This is, in turn, fueling the advancement of the Asia-Pacific (APAC) electric car market. For instance, as per industry experts, sales of electric vehicles grew in India by 32.0% or from nearly 576,000 units in 2018 to more than 760,000 units in 2019, among which 2,000 were passenger cars.
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For this, the government is providing subsidies and other kinds of financial assistance for the purchase of electric cars. After two years, the FAME I scheme was extended for two more years and later revised into FAME II, after the approval of the Union Cabinet in April 2019. Furthermore, the Delhi government, in a bid to boost the sale of electric vehicles in the city, recently announced that electric vehicles would be exempted from registration fees and road tax. Moreover, the Delhi government is offering a subsidy of INR 30,000 on the purchase of each two-wheeler, e-rickshaw, and auto-rickshaw and INR 1.5 lakh for each car.
This decision of the Transport Department of the Delhi government has been hailed by many industry experts and environmentalists as an important step for pushing up the usage of electric cars and other battery-powered vehicles in the city. Similarly, in China, the government is offering huge subsidies on the purchase of electric cars, on the basis of the vehicles’ battery size, to push up their usage in order to reduce the country’s dependence on fossil fuel imports. Moreover, South Korea is also doing its bit by targeting the installation of 10,000 fast EV chargers across the country by 2022.
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Additionally, the increasing per capita income and the rising awareness among the citizens about the environmental pollution caused due to the usage of oil- and gas-powered vehicles are fueling the sales of electric cars in the country. China also has a thriving electric battery manufacturing industry, which is further boosting the popularity of electric cars in the country.
Hence, it can be said with utmost confidence that the sales of electric cars would shoot up in Asia-Pacific (APAC) in the forthcoming years, primarily because of the escalating pollution levels in APAC countries due to the large-scale usage of oil- and gas-powered vehicles. The rapid implementation of favorable government initiatives and subsidy policies for the utilization of these vehicles is further expected to make them popular among the masses.
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